Royal Caribbean contributes US $10M for new Genesis pier

MIAMI/POINTE BLANCHE--A US $10 million loan agreement for the construction of a 445-metre-long 21-metre-wide Genesis class cruise ship pier was signed between Royal Caribbean Cruise Line (RCCL) and St. Maarten Harbour Holding Company in Miami on Friday.

Work on the new Genesis class pier is slated to start in December and will be completed by December 2009, in time for the launching of the first 220,000 tonne Genesis class ships.

This project, which also includes expansion of the cargo area of Dr. A.C. Wathey Cruise and Cargo Facilities, will be financed by this loan along with funds from the harbour group抯 cash flow, the refinancing of existing loans with RBTT Bank and by a US $34.5 million loan from Carnival Corporation that was signed in August. As part of the loan package, RCCL will have one designated berth along the new pier and one on the existing Dr. A.C. Wathey Cruise Pier.

Harbour Affairs Commissioner Theo Heyliger was accompanied by Harbour Group of Companies Managing Director Mark Mingo and Supervisory Board Vice Chairman Michel Hodge for the agreement-signing with RCCL. Prior to this, additional talks to conclude the more than two years of negotiations took place during the 14th annual Florida-Caribbean Cruise Association (FCCA) Conference and Tradeshow in Cozumel, Mexico, October 7-12.

Heyliger said in a press statement that he and his team were happy to have accomplished this milestone that would ensure St. Maarten maintained a competitive edge in the Northeastern Caribbean as well as its place as one of the top three ports in the region.

RCCL Chairman and Chief Executive Officer Richard Fain said the project was very important for St. Maarten, as it would generate passenger growth and further secure future business as the cruise industry continues to expand.

The agreement is not only a loan agreement of US $10 million to build the new cruise jetty; it also allows for the creation of port facilities that are in tune with new trends and developments, allowing us to be able to accommodate future larger vessels of over 200,000 tons,Fain said.

Mingo credited the commitment of the cruise lines to St. Maarten over the years and the continued expansion of the cruise and cargo facilities to Heyliger leadership. They [the cruise lines] have confidence in the people and the future of this island and decided to form a strategic alliance with us to guarantee future business for the long-term,Mingo explained.


Source: The Daily Herald St. Maarten